Sunday 09 / March / 2025
Muscat: The foreign assets and gold reserves of the Central Bank of Oman (CBO) grew to OMR 7.068 billion by the end of December 2024, marking a 4.9% increase compared to December 2023, when the figure stood at OMR 6.734 billion.
This growth reflects international institutions' confidence in Oman's economy, which recorded a 2.7% growth rate, with the gross domestic product (GDP) at current prices reaching OMR 30.6 billion by the end of the third quarter of 2024.
CBO's foreign assets include foreign currency deposits amounting to OMR 2.865 billion, securities valued at OMR 3.5104 billion, and the reserve account with the International Monetary Fund (IMF) worth OMR 458.7 million. The value of gold reserves at the Central Bank saw a robust increase of over 200%, rising from OMR 77.3 million to OMR 234 million in 2024.
Meanwhile, foreign assets at commercial banks also rose by 9.2% last year, reaching OMR 4.578 billion by the end of December 2024, compared to OMR 3.995 billion in December 2023.
The rise in foreign assets at Omani banks reflects the competitiveness of the banking sector and its ability to adapt to international changes, financial fluctuations, and external commitments.
The CBO's December 2024 statistical bulletin indicated an overall improvement in financial indicators for the Omani banking sector. Total assets at the Central Bank increased to OMR 7.429 billion by the end of December 2024, up 4.7% from December 2023. The CBO's capital stands at OMR 1 billion.
With these indicators, the Omani banking sector is expected to maintain growth in 2025 as commercial banks aim to increase their capital, strengthen financial positions, and diversify products. The profits earned by banks last year are anticipated to positively impact the national economy and support private sector activities. Preliminary data shows net profits of banks listed on the Muscat Stock Exchange rose to OMR 522.6 million in 2024, up from OMR 453.5 million in 2023, registering a 15.2% growth rate.
